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Wednesday, 25 November 20
MARKET INSIGHT - INTERMODAL
 Over 90% of the world’s goods are transported by sea. LPG is a clean, energy efficient and portable fuel that is being marketed at an affordable price, while it is promptly available across the globe. LPG is mainly sourced from natural gas and oil production operations, but as new technologies and techniques grow, it can be further produced from renewable sources. Currently, LPG is already a preferred marine fuel solution for LPG carriers. Furthermore, the World LPG Association has stated that LPG as a marine propulsion fuel will play a leading role towards IMO's 2050 regulations, which will require further reduction on greenhouse gas emissions by at least 50% until 2050, compared to 2008. As stated by the WLPGA association with the marine industry pressured to comply with IMO 2020 by reducing emissions, LPG can make significant inroads into the marine fuel market. Hence, LPG propulsion, starting with the LPG carrier sector, needs to move beyond a niche fuel option, to gain the acceptance in the wider shipping sector that it deserves.
The current demanding environmental regulations and large capital investment required to set up new facilities, have restrained the market growth. Advancements in technologies, such as new alternative fuel propulsion engine technologies, are expected to boost market growth. LPG as a propulsion fuel is today almost absent from the shipping sector and especially from commercial vessels, where the vast majority of engines are diesel, and alternative fuels solutions such as LNG continue their growth. However, regarding larger commercial and passenger ships, LPG is starting to get some attention as it stands as a likely alternative among the other gaseous fuels. Ship operators, with traditional propulsion plants and fuels, mainly couldn’t meet the new 2020 regulations without installing expensive exhaust equipment or switching to low‐sulphur diesel, low‐sulphur residual, or other alternative fuels, all of which have an impact on profit. As attention turns to an array of possible solutions, heavy-sulphur fuel oil with scrubbers, distillates, blended fuels and LNG, so as to comply with the IMO's 0.5% global sulphur cap regulation, LPG may gain more acceptance as a viable solution, as compared to LNG, which is more problematic and expensive to implement.
As reported LPG's growth will be fast-tracked, since the infrastructure for distribution and bunkering is already largely available to serve potential marine market demand. There are more than 1,000 LPG storage facilities worldwide that can be used for LPG bunkering, and more than 700 small size LPG carriers, that can be used for ship-to-ship bunkering. It is worth to mention that in 2018 Dorian LPG entered into a MOU with Hyundai Global Service to undertake research and engineering studies to upgrade the main engines of up to 10 of the Company's VLGCs to dual fuel technology utilizing LPG as fuel in anticipation of environmental regulations. LPG supply surplus is an additional advantage with production excess ranging from 15 to 27 ΜΤ per year, which are either used or “lost”. Reduce LPG prices (comparatively to LNG) driven by the shale gas revolution is also an important driver for market entry.
On the other hand, the use of LPG as a marine fuel faces challenges that need to be defeated such as the investment required by ship owners and fleet operators and the need for LPG to be on a level playing field with other alternative fuels. Also, the prerequisite of technology development of new engines together with the necessity of commercialization of these new engines.
Last but not least, shipbuilders are already considering vessel designs that use LPG as propulsion fuel. It can be used in all sizes of vessels from the largest ocean going ships, down to the smaller boats with inboard or outboard engines. It may play a leading role in this changing environment and re-establish its position, as an effective alternative clean marine fuel. Coordinated action from all related stakeholders is key to address the identified specific issues that hinder development and release the market potential.
By Katerina Restis
Tanker Chartering
Compiled by:
Intermodal Research & Valuations
Analysts:
Ms Eva Tzima
Mr.George Panagopoulos
Disclaimer and legal disclosure: For any further queries please do not hesitate to contact our Research & Valuations Department. The information contained in this report has been obtained from various sources, as reported in the market. Intermodal Shipbrokers Co. believes such information to be factual and reliable without making guarantees regarding its accuracy or completeness. Whilst every care has been taken in the production of the above review, no liability can be accepted for any loss or damage incurred in any way whatsoever by any person who may seek to rely on the information and views contained in this material. This report is being produced for the internal use of the intended recipients only and no reproducing is allowed, without the prior written authorization of Intermodal Shipbrokers Co.
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Friday, 18 September 20
CHINA'S BENCHMARK POWER COAL PRICE EDGES UP - XINHUA
China’s benchmark power coal price rose slightly during the past week.
The Bohai-Rim Steam-Coal Price Index (BSPI), a gauge of ...
Thursday, 17 September 20
LAST HOPES FOR DEMAND GROWTH SET TO DISAPPOINT THERMAL COAL EXPORTERS - IEEFA
Asian thermal coal exporters are fighting an uphill battle even in new markets
The world’s largest thermal coal exporter is eyeing new m ...
Wednesday, 16 September 20
MARKET INSIGHT - INTERMODAL
Another active week in terms of SnP has concluded in the dry bulk market with a diversified array of transactions recorded. Despite the correction ...
Friday, 11 September 20
IMO 2020: A REVIEW OF THE TRANSITION TO VLSFOS - GARD
KNOWLEDGE TO ELEVATE
Many predictions were made in the run up to the imposition of the MARPOL 2020 sulphur cap, none of which was that the tra ...
Thursday, 10 September 20
U.S. COAL PRODUCTION IN 2020 TO BE 511 MMST, 28 PER CENT LOWER THAN IN 2019 - EIA
EIA expects total U.S. coal production in 2020 to be 511 million short tons (MMst), 194 MMst (28%) lower than in 2019. Mitigation efforts related t ...
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- Indonesian Coal Mining Association
- San Jose City I Power Corp, Philippines
- Bayan Resources Tbk. - Indonesia
- Coastal Gujarat Power Limited - India
- Wood Mackenzie - Singapore
- Semirara Mining Corp, Philippines
- ICICI Bank Limited - India
- Mercuria Energy - Indonesia
- Jaiprakash Power Ventures ltd
- Ministry of Finance - Indonesia
- Australian Coal Association
- Samtan Co., Ltd - South Korea
- Commonwealth Bank - Australia
- Coalindo Energy - Indonesia
- Electricity Authority, New Zealand
- PowerSource Philippines DevCo
- PetroVietnam Power Coal Import and Supply Company
- AsiaOL BioFuels Corp., Philippines
- Ministry of Transport, Egypt
- Singapore Mercantile Exchange
- Oldendorff Carriers - Singapore
- Latin American Coal - Colombia
- Kalimantan Lumbung Energi - Indonesia
- Jindal Steel & Power Ltd - India
- Kartika Selabumi Mining - Indonesia
- Eastern Coal Council - USA
- Pendopo Energi Batubara - Indonesia
- PTC India Limited - India
- Romanian Commodities Exchange
- Parry Sugars Refinery, India
- Thai Mozambique Logistica
- Banpu Public Company Limited - Thailand
- Bukit Asam (Persero) Tbk - Indonesia
- Savvy Resources Ltd - HongKong
- Electricity Generating Authority of Thailand
- VISA Power Limited - India
- Kaltim Prima Coal - Indonesia
- Orica Mining Services - Indonesia
- Sinarmas Energy and Mining - Indonesia
- The University of Queensland
- Port Waratah Coal Services - Australia
- Leighton Contractors Pty Ltd - Australia
- Power Finance Corporation Ltd., India
- Cigading International Bulk Terminal - Indonesia
- Economic Council, Georgia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Xindia Steels Limited - India
- International Coal Ventures Pvt Ltd - India
- Grasim Industreis Ltd - India
- Posco Energy - South Korea
- Independent Power Producers Association of India
- India Bulls Power Limited - India
- Jorong Barutama Greston.PT - Indonesia
- Georgia Ports Authority, United States
- Energy Link Ltd, New Zealand
- Vedanta Resources Plc - India
- Chettinad Cement Corporation Ltd - India
- Karbindo Abesyapradhi - Indoneisa
- SN Aboitiz Power Inc, Philippines
- Neyveli Lignite Corporation Ltd, - India
- Star Paper Mills Limited - India
- Essar Steel Hazira Ltd - India
- Sical Logistics Limited - India
- Trasteel International SA, Italy
- Sojitz Corporation - Japan
- Sindya Power Generating Company Private Ltd
- Central Java Power - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- CIMB Investment Bank - Malaysia
- Larsen & Toubro Limited - India
- Antam Resourcindo - Indonesia
- Miang Besar Coal Terminal - Indonesia
- Gujarat Electricity Regulatory Commission - India
- Simpson Spence & Young - Indonesia
- Price Waterhouse Coopers - Russia
- Petron Corporation, Philippines
- Timah Investasi Mineral - Indoneisa
- Siam City Cement - Thailand
- New Zealand Coal & Carbon
- Bhatia International Limited - India
- Bharathi Cement Corporation - India
- South Luzon Thermal Energy Corporation
- Formosa Plastics Group - Taiwan
- GAC Shipping (India) Pvt Ltd
- Ind-Barath Power Infra Limited - India
- Madhucon Powers Ltd - India
- Asmin Koalindo Tuhup - Indonesia
- Aboitiz Power Corporation - Philippines
- Carbofer General Trading SA - India
- Globalindo Alam Lestari - Indonesia
- Vizag Seaport Private Limited - India
- Thiess Contractors Indonesia
- Karaikal Port Pvt Ltd - India
- Alfred C Toepfer International GmbH - Germany
- Africa Commodities Group - South Africa
- Indogreen Group - Indonesia
- Salva Resources Pvt Ltd - India
- Altura Mining Limited, Indonesia
- LBH Netherlands Bv - Netherlands
- Anglo American - United Kingdom
- Sakthi Sugars Limited - India
- Kohat Cement Company Ltd. - Pakistan
- Makarim & Taira - Indonesia
- Kumho Petrochemical, South Korea
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Sarangani Energy Corporation, Philippines
- Bhushan Steel Limited - India
- Meenaskhi Energy Private Limited - India
- Renaissance Capital - South Africa
- Therma Luzon, Inc, Philippines
- Bangladesh Power Developement Board
- Merrill Lynch Commodities Europe
- Australian Commodity Traders Exchange
- Petrochimia International Co. Ltd.- Taiwan
- Global Coal Blending Company Limited - Australia
- CNBM International Corporation - China
- GN Power Mariveles Coal Plant, Philippines
- GVK Power & Infra Limited - India
- Energy Development Corp, Philippines
- European Bulk Services B.V. - Netherlands
- TNB Fuel Sdn Bhd - Malaysia
- Heidelberg Cement - Germany
- Bukit Makmur.PT - Indonesia
- Attock Cement Pakistan Limited
- Billiton Holdings Pty Ltd - Australia
- Mjunction Services Limited - India
- PNOC Exploration Corporation - Philippines
- Baramulti Group, Indonesia
- Intertek Mineral Services - Indonesia
- Meralco Power Generation, Philippines
- Interocean Group of Companies - India
- Indian Energy Exchange, India
- Mercator Lines Limited - India
- Manunggal Multi Energi - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Pipit Mutiara Jaya. PT, Indonesia
- Kapuas Tunggal Persada - Indonesia
- OPG Power Generation Pvt Ltd - India
- Edison Trading Spa - Italy
- Chamber of Mines of South Africa
- Marubeni Corporation - India
- Medco Energi Mining Internasional
- Minerals Council of Australia
- Central Electricity Authority - India
- Indian Oil Corporation Limited
- Kideco Jaya Agung - Indonesia
- Wilmar Investment Holdings
- Borneo Indobara - Indonesia
- Mintek Dendrill Indonesia
- Tamil Nadu electricity Board
- Maharashtra Electricity Regulatory Commission - India
- Riau Bara Harum - Indonesia
- TeaM Sual Corporation - Philippines
- Metalloyd Limited - United Kingdom
- Orica Australia Pty. Ltd.
- Lanco Infratech Ltd - India
- Bhoruka Overseas - Indonesia
- Aditya Birla Group - India
- Directorate General of MIneral and Coal - Indonesia
- Goldman Sachs - Singapore
- ASAPP Information Group - India
- Binh Thuan Hamico - Vietnam
- Dalmia Cement Bharat India
- Kobexindo Tractors - Indoneisa
- Directorate Of Revenue Intelligence - India
- London Commodity Brokers - England
- Global Green Power PLC Corporation, Philippines
- Toyota Tsusho Corporation, Japan
- Bulk Trading Sa - Switzerland
- Videocon Industries ltd - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Eastern Energy - Thailand
- Malabar Cements Ltd - India
- Planning Commission, India
- GMR Energy Limited - India
- Agrawal Coal Company - India
- Standard Chartered Bank - UAE
- The Treasury - Australian Government
- Maheswari Brothers Coal Limited - India
- McConnell Dowell - Australia
- Indika Energy - Indonesia
- Uttam Galva Steels Limited - India
- Deloitte Consulting - India
- Bukit Baiduri Energy - Indonesia
- Sree Jayajothi Cements Limited - India
- SMG Consultants - Indonesia
- Ambuja Cements Ltd - India
- Parliament of New Zealand
- Cement Manufacturers Association - India
- IHS Mccloskey Coal Group - USA
- Straits Asia Resources Limited - Singapore
- Barasentosa Lestari - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- The State Trading Corporation of India Ltd
- Krishnapatnam Port Company Ltd. - India
- Semirara Mining and Power Corporation, Philippines
- Coal and Oil Company - UAE
- Iligan Light & Power Inc, Philippines
- IEA Clean Coal Centre - UK
- SMC Global Power, Philippines
- Rashtriya Ispat Nigam Limited - India
- Vijayanagar Sugar Pvt Ltd - India
- Ministry of Mines - Canada
- Indo Tambangraya Megah - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Siam City Cement PLC, Thailand
- Gujarat Sidhee Cement - India
- Bahari Cakrawala Sebuku - Indonesia
- Kepco SPC Power Corporation, Philippines
- Rio Tinto Coal - Australia
- Ceylon Electricity Board - Sri Lanka
- White Energy Company Limited
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Global Business Power Corporation, Philippines
- MS Steel International - UAE
- Tata Chemicals Ltd - India
- Holcim Trading Pte Ltd - Singapore
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